Bologna, 12 June 2017 – The G7 today joined the G20, other countries and markets in throwing its weight behind a growing movement to turn the power of the global financial system to sustainable development.

In a communique released at the end of a two-day meeting in Bologna, hosted by Italy, G7 environment ministers – including the US – called increased sustainable financing “fundamental” to the achievement of sustainability and climate goals.

The final statement also saw the G7 pledge continued action on the 2030 Agenda for Sustainable Development, resource efficiency, marine litter, green jobs and climate change. The US backed the final statement, except for the climate action section, which it said it could not sign up to given its withdrawal from the Paris Agreement.

“Climate change, the unsustainable management of resources and the pollution of our oceans demand immediate, coordinated action to create a healthy environment capable of supporting our growing populations,” said Gian Luca Galletti, Italy’s Environment Minister.

“This is why Italy asked the G7, for the first time, to look at how to boost the role of the global financial system in sustainable development, and turn trillions of dollars in capital towards green investments.”

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